The Commodity Futures Trading Commission (CFTC) has posted a Notice of Covered Action (NCA) related to an enforcement action against a Utah man charged with fraudulently soliciting individuals to trade leveraged bitcoin in a commodity pool. The CFTC is now accepting whistleblower award claims for this case through its Whistleblower Program. Qualified whistleblowers may receive monetary awards ranging from 10% to 30% of the funds collected in the enforcement action linked to their whistleblowing.
The individual, John Orvidas, allegedly fraudulently solicited at least four people to trade leveraged bitcoin in a commodity pool between 2017 and 2020, resulting in significant losses. Orvidas was also charged with failing to register as a commodity pool operator. To settle the charges, Orvidas will pay $2.5 million.
The CFTC has been actively targeting cryptocurrency fraud cases, including price manipulation, wash trading, unregistered trading of virtual currency futures, and other fraudulent activities. The agency’s Whistleblower Program has seen an increase in tips related to cryptocurrency fraud, reflecting the growing importance of combating fraudulent activities in the cryptocurrency space.
In response to the funding challenges facing the CFTC Whistleblower Program, a bipartisan bill was introduced in July to provide a long-term solution to ensure its continued effectiveness. The bill has garnered support from whistleblower advocates and aims to address funding issues that have hindered the program’s operations.
Cryptocurrency fraud remains a significant concern for regulatory authorities, and whistleblowers play a crucial role in identifying and reporting fraudulent activities in the digital asset space.
By FCCT Editorial Team
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